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Market Update

L'Oreal to Sell Body Shop for €1 B, Etihad Reaffirms Air Berlin Interest

Author: Sarla Buch
Last Update: 12:53 PM ET June 09 2017

4:00 PM Frankfurt – Etihad reaffirmed its commitment to invest in Air Berlin. ADP lifted its stake in Turkish rival TAV Airports. Centrica to divest its Canadian oil assets to a China based consortium. L''Oreal to sell its Body Shop business for €1 billion.

In London trading, FTSE 100 index jumped 66.16 or 0.9% to 7,516.18 and in Frankfurt the DAX index increased 83.31 or 0.6% to 12,797.21.

In Paris, CAC 40 index advanced 32.34 or 0.6% to 5,296.58.

For the week, FTSE 100 index fell 0.4%, the DAX index jumped 1.5% and the CAC 40 index slipped 0.9%.

Air Berlin Plc jumped 6.1% to €0.938 after Reuter said Abu Dhabi-based Etihad Airways today confirmed its commitment to invest in the Germany-based airline.

Earlier talks failed between Etihad and tour operator TUI Group and create a joint venture by merging two airlines Niki, controlled by Air Berlin, and TUIfly.

Earlier, Air Berlin already received €300 million or $335.19 million from Etihad as an investment in the struggling discount airline Niki.

Aeroports de Paris SA dropped 1.2% to €137.85 after France-based airport operator’s subsidiary Groupe ADP plans to increase its stake in Turkish rival TAV Airports to 46.12% from 38% valued $160 million.

Meanwhile, ADP will sell its 49% stake in TAV Construction for about €9 million.

Centrica Plc slipped 0.4% to 198 pence after the U.K.-based energy and services provider intends to sell its 60% stake in its Canadian oil and gas exploration and production joint venture to a Hong Kong listed consortium MIE Holdings Corp.

Centrilca will sell its stake to The Can-China Global Resource Fund and Mercuria for about £413 million or C$722 million in cash.

The transaction is expected to close in the second-half of this year.

DX Group Plc jumped 3.3% to 9.81 pence despite the U.K.-based parcels, mail and logistics services provider is under preliminary investigation by the Economic Crime Directorate of London police.

L''Oreal SA gained 0.7% to €189.65 after France-based cosmetics and luxury goods maker is in talk with Brazil-based cosmetics maker Natura Cosmeticos SA to sell its The Body Shop for about €1 billion or $1.1 billion.

L''Oreal said it expects the proposed deal to close in 2017.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc